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Economic Terms

Mercantilism A system in which a government controls all economic activity in a country and its colonies to make the government stronger and richer
Capitalism An economic system in which individuals and private businesses run most industries
Inflation A gradual increase in prices
Want A desire for goods and services, not necessarily accompanied by the power to satisfy them
Need An economic good or service that is basic to survival, such as food, clothing, and shelter
Supply The amount of goods and services that are available at a given time
Demand The amount of goods and services that consumers are willing and able to buy at a given time
Balance of Trade The difference in value between what a nation imports and exports over a period of time
Subsidies Grants of monies
Joint Stock Companies
Opportunity Cost The value of the next
Tariff A government tax on imports or exports
Scarcity A condition of limited resources and unlimited wants by people
Export Goods or services that a country sells and sends to other countries
Import Goods or services that a country brings in or purchases from another country
Credit The ability to purchase something without immediately paying for it
Savings The portion of income which is not spent on consumption
Investing expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture
Borrowing take and use (something that belongs to someone else) with the intention of returning it
Giving freely transfer the possession of (something) to (someone)
Quality of Life he standard of health, comfort, and happiness experienced by an individual or group
Standard of Living the degree of wealth and material comfort available to a person or community
GDP/GNP The value of all the goods and services produced for money in an economy, evaluated at their market prices
Debt The total amount of money owed by an individual, company or other organization to banks or other lenders
Created by: NavyBoatDriver



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